Stock Market & Financial Investment News

Governor Cuomo signs bill on pact between automobile dealers and Tesla Governor Andrew M. Cuomo signed legislation that resolves a dispute concerning how auto manufacturers can sell their products to consumers. The agreement, announced in March by Tesla Motors, the New York State Automobile Dealers Association and the Greater New York Automobile Dealers Association, allows Tesla Motors to maintain their five currently licensed retail locations in New York State. Additional Tesla retail locations will be established under a strengthened dealer franchise law. “This agreement is a big win for New York State – one that proves the Empire State remains a leader in spurring innovation, supporting economic growth, and creating new opportunities for all,” Governor Cuomo said. “New York’s franchised auto dealers and manufacturers as well as innovative companies like Tesla are critical to our state’s economy, and this bill ensures that both sides will thrive and be able to grow the market for cutting edge zero emission vehicles. I want to thank our legislative leaders for supporting this agreement, which is a success for all parties.” Reference Link

Apple pushing for 2020 production of its electric car, Bloomberg saysApple (AAPL) is pushing to begin production of its electric vehicle as soon as 2020, reports Bloomberg, citing people with knowledge of the matter. Bloomberg notes that the move could put Apple into direct competition with Tesla (TSLA) and General Motors (GM), both of which are targeting a 2017 release for next-generation electric vehicles. Apple may still cancel the project if it becomes unhappy with progress, the sources said, though its vehicle team is already 200-people strong. Reference Link

Tesla executive says U.S. demand surged due to P85D, Bidness reportsMateo Jaramillo, Tesla Director of Powertrain Business Development, said that Model S wait times in the U.S. have grown to about a month and half to two months due to a "genuine surge" in orders for the upgraded and faster P85D model, reported Bidness Etc. Reference Link